Franco Modigliani (Economist)

Franco Modigliani was an influential economist known for his work on consumer behavior and savings. He developed the Life-Cycle Hypothesis, which suggests that people plan their consumption and savings over their lifetime, aiming to maintain a stable standard of living. This theory explains why people save during their working years and spend in retirement. Modigliani also contributed to understanding capital markets and financial theory. He won the Nobel Prize in Economics in 1985, highlighting the importance of his insights in shaping economic policies and personal finance strategies. His ideas have had a lasting impact on economics and finance.